I am dealing with an estate in which the deceased (M) incorporated a life interest trust in her will for her property to be held on trust for her cohabiting partner (P) until he died and the property then passes to her son. The cohabiting partner (P) died 5 months after the deceased (M). The son who is the executor and beneficiary of both M and P 's wills wants to vary the will of M so the life interest trust ends and the property passes absolutely to him, this will enable him to apply the residence nil rate band. Can this be done by deed of variation?
I don’t believe so.
P could, presumably, during his lifetime have varied M’s will resulting in the trust property passing directly to the son. However, I don’t believe that following P’s death the executor(s) of P can execute a DoV.
Malcolm Finney
From IHTM 35042
“You should reject an IoV seeking to vary the interest of a deceased life tenant.”
You might consider a disclaimer.
Paul Saunders
Independent Trust Consultant
From IHTM 35042
“You should reject an IoV seeking to vary the interest of a deceased life tenant.”
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